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April 30, 2018

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Disclaimer: Prices and forecasts are subject to change at the discretion of Sproule.
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Sproule has adjusted its April 30, 2018 price forecast as outlined below:

WTI and Brent Crude

WTI (US/bbl)

Brent (US/bbl)

March 31, 2018 Forecast

April 30, 2018 Forecast

March 31, 2018 Forecast

April 30, 2018 Forecast

2018

58.00

67.00

62.00

72.00

2019

65.00

65.00

67.00

68.00

2020

70.00

70.00

72.00

72.00

Sproule has adjusted our Brent and WTI 2018 forecasts this month to 72USD/bbl and 67USD/bbl respectively. Decreasing inventories, increasing summer demand and geopolitical uncertainty are aligning to sustain current prices for the remainder of 2018.

AECO to Henry Hub Differentials

Henry Hub - AECO Differential (US/MMBtu)

AECO (CDN/MMBtu)

March 31, 2018 Forecast

April 30, 2018 Forecast

March 31, 2018 Forecast

April 30, 2018 Forecast

2018

1.30

1.50

2.15

1.90

2019

1.20

1.20

2.50

2.50

2020

1.10

1.10

3.12

3.12

At AECO, we are forecasting wider differentials than previously anticipated. Interruptible flow restrictions on the TCPL system this summer will result in sustained weak spot prices at AECO until the fall/winter withdrawal season.

NGL Adjustments

Liquids

Conway to MT Belvieu Propane (c/gal)

Mt Belvieu Butane% of WTI

Conway Butane % of WTI

Edmonton Butane % of WTI

March 31, 2018 Forecast

April 30, 2018 Forecast

March 31, 2018 Forecast

April 30, 2018 Forecast

March 31, 2018 Forecast

April 30, 2018 Forecast

March 31, 2018 Forecast

April 30, 2018 Forecast

2018

-3.00

-8.00

67%

60%

66%

60%

70%

65%

2019

-3.00

-5.00

68%

64%

67%

65%

70%

70%

2020+

-3.00

-3.00

69%

68%

68%

68%

70%

70%

We have made several minor adjustments to various liquids differentials to align with current market trends.